(Image source: Premia Solutions homepage.)
The Fortegra Group, Inc. (Jacksonville, Fla), a global specialty insurer, and subsidiary of Tiptree Inc. (New York), today announced it has acquired a majority interest in Premia Solutions Limited (Warwick, England), one of the largest U.K.-based intermediaries and a highly reputed provider of automotive protection products. Fortegra characterizes the deal as a continuation of its rapid growth across Europe and the U.K., a region it expanded to in 2017.
“We are excited to join forces with Premia, a market leader and Fortegra partner since 2018,” comments Sanjay Vara, EVP and Chief Underwriting Officer, Fortegra. “Coupled with our acquisition last year of ITC Compliance Limited—the U.K.’s largest secondary intermediary Financial Conduct Authority Network—we, as a Group, are now well positioned as a vertically integrated, single source provider for the automotive finance and insurance sector. Together we will continue to innovate and provide quality, compliant products and services for our clients.”
Premia supports more than 2,000 automotive dealerships and leasing brokers throughout the U.K. and Ireland, offering a suite of innovative add-on insurance and warranty products. Premia, founded in 2000, markets itself as leveraging industry expertise and market research to design and successfully launch consumer-focused solutions.
Opportunity to Take the Next Step
“Premia Solutions has established itself over the last 20 years in partnership with many of the largest dealer groups in the U.K.,” comments Conrad Gamble, Founder and CEO, Premia. “This investment provides Premia with the opportunity to take its next step and continue to grow its business and clients in the U.K. automotive market. Expanding an already strong partnership, adding the financial strength and strong, growing reputation of Fortegra, we will continue to develop industry-leading solutions that enable our clients to meet the needs of their customers in today’s evolving marketplace.”
Fortegra’s other automotive administration services are based in Prague, Czech Republic, which will continue to service its growing EU business.